Average Weekly Hours of All Employees: Education and Health Services in Illinois
SMU17000006500000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
31.90
Year-over-Year Change
-3.33%
Date Range
1/1/2007 - 1/1/2024
Summary
The 'Average Weekly Hours of All Employees: Education and Health Services in Illinois' metric measures the average number of hours worked per week by employees in the education and health services sectors in Illinois.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This economic trend provides insight into labor market conditions and productivity within the education and healthcare industries in the state of Illinois. It is a key indicator used by economists and policymakers to assess employment trends and understand changes in industry output.
Methodology
The data is collected through surveys of employers and compiled by the U.S. Bureau of Labor Statistics.
Historical Context
This metric is closely watched by state government officials, industry groups, and labor market analysts to evaluate the health of key service-providing sectors.
Key Facts
- The education and health services sector accounts for over 1.4 million jobs in Illinois.
- Average weekly hours have remained relatively stable over the past decade, fluctuating between 33 and 35 hours.
- Trends in this metric can signal changes in workforce utilization and service delivery capacity.
FAQs
Q: What does this economic trend measure?
A: This metric measures the average number of hours worked per week by employees in the education and health services sectors in Illinois.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into labor market conditions and productivity within key service-providing industries in Illinois, which are closely watched by economists, policymakers, and industry stakeholders.
Q: How is this data collected or calculated?
A: The data is collected through surveys of employers and compiled by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: State government officials, industry groups, and labor market analysts use this metric to evaluate the health of the education and healthcare sectors and inform economic and workforce development policies.
Q: Are there update delays or limitations?
A: The data is released on a monthly basis with a short time lag, providing timely insights into industry employment trends.
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Citation
U.S. Federal Reserve, Average Weekly Hours of All Employees: Education and Health Services in Illinois (SMU17000006500000002A), retrieved from FRED.